Housing loan deduction
This query is : Resolved
28 September 2013
my client took home loan his spouse name and repayment
done in his ac. now my question
is can we claim both principal repayment and interest for both of them?
29 September 2013
theoretically you can. Since the wife won't have any source of income to buy the house, clubbing provisions may apply. In such a scenario, you might be able to claim deduction for interest repayment again the income from house property.
principal repayment could be a trickier issue. In past courts have been liberal on allowing deduction under 80C and 24B. However, in recent years certain judgments have come wherein such deductions have been disallowed.
principal repayment could be a trickier issue. In past courts have been liberal on allowing deduction under 80C and 24B. However, in recent years certain judgments have come wherein such deductions have been disallowed.
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